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Old 9th February 2012, 15:30   #241
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Default re: Help with a home loan!

Does taking a personal loan or car loan affect the prospects of my home loan application. If I first take a personal loan or car loan and in a week or so apply for a home loan, how does it affect my home loan sanction? Experts advise please.
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Old 9th February 2012, 15:48   #242
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Default re: Help with a home loan!

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Originally Posted by Kimified View Post
That's why i wanted to ask people in here. Is there anyway that i can go to them and demand them to refund an higher percentage of the amount paid ?

Thanks for all the help
Do you have any signed documents to state charges will be what quoted by HDFC? If you already agreed to pay, then it will be difficult. However you still can approach Banking ombudsman with a complaint stating bank charging unreasonable amount. In this bank needs to come out with full details. But this might not grantee you getting paid. At-least bank must produced bill on incurred cost. They can't surge of just stating this is our charges and blah.

You can find banking ombudsman id from RBI site. You can send a complaint to ombudsman with a CC to banking customer care. Provide as much details as possible. Good luck.

@veyron_head: Usually every bank has certain way of evaluating credit worthiness. Usually bank will consider 60 month take home as amount of credit they will give towards home loan. How much max they give can change bank to bank. 60 times is what most public sector bank consider. Most banks see CBIL report (which will show all your credits). Hence when they see all the credits, amount of home loan they can offer might come down. Your other loans might eat up into home loan. How much exactly depends on bank to bank.
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Old 9th February 2012, 17:16   #243
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Default re: Help with a home loan!

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Originally Posted by veyron_head View Post
Does taking a personal loan or car loan affect the prospects of my home loan application. If I first take a personal loan or car loan and in a week or so apply for a home loan, how does it affect my home loan sanction? Experts advise please.
I would believe that having other open loans does decrease the amount of home loan approved by the bank. They would always prefer minimum liability form your side towards other loans when applying for a home loan.

However, why dont you try it the other way round, ie apply for a car loan after a home loan. Lesser chances of problems arising in this way.
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Old 9th February 2012, 17:29   #244
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Default re: Help with a home loan!

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Originally Posted by veyron_head View Post
Does taking a personal loan or car loan affect the prospects of my home loan application. If I first take a personal loan or car loan and in a week or so apply for a home loan, how does it affect my home loan sanction? Experts advise please.
Yes, it does. The amount you are elligible will come down with having active loan portfolios, as long as its Home Loan. On the other hand if you have a home loan and a house registered in your name, your PL elligibility increases, and in some banks, they might provide you 100% funding for car loans.

But why do you want to take a PL just a week before HL?
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Old 21st February 2012, 09:39   #245
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Hello Folks,

Can someone tell me which bank does the fastest processing of home loans ? I plan to apply for one but the problem is, I will probably have to leave the country in the next 10-12 days for an indefinite period (could be a few weeks or a few months).
I have no existing loans. Infact, have never applied for one before and know nothing of how its done.
Have already booked and registered the under construction property and made 37% of the payment.
Already a customer of HDFC Bank , so will that process my application with HDFC faster?
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Old 21st February 2012, 10:36   #246
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Originally Posted by sajo View Post
Hello Folks,

Can someone tell me which bank does the fastest processing of home loans ? I plan to apply for one but the problem is, I will probably have to leave the country in the next 10-12 days for an indefinite period (could be a few weeks or a few months).
I have no existing loans. Infact, have never applied for one before and know nothing of how its done.
Have already booked and registered the under construction property and made 37% of the payment.
Already a customer of HDFC Bank , so will that process my application with HDFC faster?
Application to pvt banks will be much more faster than the PSU banks. My friend recently got his home loan sanctioned from Axis Bank in 20 days flat. This was after he had the loan eligibility letter in hand. I dont think you will get a home loan in 10-12 days. Better do it after you come back from your overseas trip with a peace of mind.
You can try with HDFC bank if you have a salary account there, will make things more faster.
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Old 21st February 2012, 10:41   #247
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Originally Posted by ghodlur View Post
Better do it after you come back from your overseas trip with a peace of mind.
You can try with HDFC bank if you have a salary account there, will make things more faster.
Ohh.. Whats a loan eligibility letter?
My problem is , the duration of my travel is indefinite. So the builder may not wait for me to come back and get a loan and I can no longer keep pace with their demands with just the savings.
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Old 21st February 2012, 10:49   #248
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Ohh.. Whats a loan eligibility letter?
My problem is , the duration of my travel is indefinite. So the builder may not wait for me to come back and get a loan and I can no longer keep pace with their demands with just the savings.
Normally before the loan application process the banks will provide you a letter which will give you the details of how much loan are you eligible for based on the documents submitted by you like the latest payslip, IT returns form etc. This document is generaly used by individuals to negotiate with builders during home buying process. But since you have already booked the flat and also done your contribution part, you can approach the banks where the builder has got the building project tied up with (there will be a specific file no which is referred to), this will speed up your application considerably since the builder has already submitted neccessary documents before hand.
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Old 21st February 2012, 11:09   #249
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Default re: Help with a home loan!

One more thing , the project has no APF number (or file number) with HDFC bank, but it does have it with SBI and BoI.
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Old 21st February 2012, 11:33   #250
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Default Re: Noob alert!!

Quote:
Originally Posted by sajo View Post
Hello Folks,

Can someone tell me which bank does the fastest processing of home loans ? I plan to apply for one but the problem is, I will probably have to leave the country in the next 10-12 days for an indefinite period (could be a few weeks or a few months).
I have no existing loans. Infact, have never applied for one before and know nothing of how its done.
Have already booked and registered the under construction property and made 37% of the payment.
Already a customer of HDFC Bank , so will that process my application with HDFC faster?
ICICI and Citi banks are the fastest, from my own experience. PM me if you need executives numbers.
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Old 21st February 2012, 11:51   #251
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Red face re: Help with a home loan!

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Originally Posted by sajo View Post
One more thing , the project has no APF number (or file number) with HDFC bank, but it does have it with SBI and BoI.
Sadly both the banks you mentioned are PSU banks and they are known for their laxness. The issues with going for other banks is the redocumentation part which you will have to do and this is time consuming.
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Old 21st February 2012, 13:46   #252
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Default Re: Noob alert!!

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Originally Posted by sajo View Post
I plan to apply for one but the problem is, I will probably have to leave the country in the next 10-12 days for an indefinite period (could be a few weeks or a few months).
Already a customer of HDFC Bank , so will that process my application with HDFC faster?
I was in a similar boat a few years ago. I managed to speak to the HDFC guys and I was told that I could assign a Power of Attorney right to a person of my choice who could then do the dealings on my behalf. I still had to send some documents from abroad, but most of the local work was done by that executive with assistance from the person I assigned PoA to.
Please note PoA can be specific (for stated purpose) or general so be careful what you assign and to whom. Also I had gotten this PoA document registered with the relevant PMC authority.
Do check with your home loan executive if this can work in your case. I am not sure if things done a few years ago can still be done. Feel free to call me if you need any info.

As far as I know, your HDFC bank status wont help your HDFC application much unless you have massive deposits there. In any case as you dont hold any loans, your HDFC bank status will help as much as your credit history with any other bank.

Edit: In my experience, everything is urgent while you are not around. Once you are back everything is back to its old lax state and you have to do all the running around.

Last edited by selfdrive : 21st February 2012 at 13:48.
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Old 4th May 2012, 15:07   #253
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Question re: Help with a home loan!

I am in the process of evaluating the right bank for my home loan and have got quotes from Axis, HDFC, ICICI and SBI. Except SBI all others are quoting 10.5% floating and around 10K+ for processing charges, SBI quotes 10.75%. I had my earlier loan a/c with SBI but there is nothing called as loyalty benefits. Which is the best option I should be looking at. All other banks have a normal home loan account whereas SBI has the OD account where the surplus money can be parked/withdrawn.

This is becoming a PSU vs Pvt bank debate. Need experts advise. Havent really thought about any other bank.
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Old 4th May 2012, 15:17   #254
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Default re: Help with a home loan!

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Originally Posted by ghodlur View Post
I am in the process of evaluating the right bank for my home loan and have got quotes from Axis, HDFC, ICICI and SBI. Except SBI all others are quoting 10.5% floating and around 10K+ for processing charges, SBI quotes 10.75%. I had my earlier loan a/c with SBI but there is nothing called as loyalty benefits. Which is the best option I should be looking at. All other banks have a normal home loan account whereas SBI has the OD account where the surplus money can be parked/withdrawn.
Well, the OD account is one of the key reasons I would go for SBI. Also, when others were charging prepayment fees, SBI was the trendsetter (?), but I dont think this is applicable anymore as prepayments cannot be charged now.
What is the processing charges quote from SBI?

In any case its a floating rate, so if it changes tomorrow, the situation would be totally different. Is it possible for you to find the floating rates for Axis, HDFC and SBI over the past year? That could be a start.

There are many reasons why I dont mention ICICI in the same line as the other 3. I recommend taking it off the list.
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Old 4th May 2012, 15:23   #255
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Red face re: Help with a home loan!

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Originally Posted by selfdrive View Post
Well, the OD account is one of the key reasons I would go for SBI. Also, when others were charging prepayment fees, SBI was the trendsetter (?), but I dont think this is applicable anymore as prepayments cannot be charged now.
What is the processing charges quote from SBI?

In any case its a floating rate, so if it changes tomorrow, the situation would be totally different. Is it possible for you to find the floating rates for Axis, HDFC and SBI over the past year? That could be a start.

There are many reasons why I dont mention ICICI in the same line as the other 3. I recommend taking it off the list.
Even I have a soft spot for SBI but their disbursement time is horrendous. While others claim to disburse in 15 working days, SBI takes around 30+ even if the documentation is in order. The processing charges quoted by all is 0.5% of the loan amount.

Where would I get the history of Interest rates for banks? Although I was averse to ICICI but I have heard some good things about them recently (Colleagues' experience)
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